Venezuela Seeks Bank of England Gold Amid Quake-Driven Economic Crisis

Venezuela's lawmakers are pushing to recover $4 billion in gold held at the Bank of England, following June's devastating twin earthquakes that have exacerbated the country's economic woes.

The government is prioritizing housing repairs, hospital restoration, power and debris removal, and will 'concentrate efforts' on reclaiming overseas assets in the UK, including 31 metric tons of gold. This bullion has been tied up for years due to a legal dispute between Venezuelan authorities over which ones the Bank of England recognizes.

The timing is crucial as the country's central bank reported that the quakes disrupted distribution of goods and July inflation accelerated to 19.9%, from 13.8% in June. Year-on-year inflation stands at 575.9%. Access to hard-currency assets can reduce the need for domestic financing, which often fuels price rises when supplies are strained.